April 6, 2025

512 Views

Essential Financial Tips for Travel Nurses: Managing Your Money on the Go

Posted on April 6, 2025March 6, 2025 by Miles Oliver

Travel nurses can have deeply fulfilling careers, but knowing the potential challenges associated with this career path is critical: examples include fluctuating income, moving to different cities, and adjusting to varying living expenses. Fortunately, a proactive budgeting and financial planning approach can manage your money and alleviate stress.

Any financial advisor will tell you this one thing — start out by building a solid budget.

Essential Financial Tips for Travel Nurses:

Build a Solid Budget To Manage Your Finances

As a travel nurse, setting up a flexible budget is key to managing your finances. Since your expenses might vary by assignment, it’s essential to have a system to track them and make adjustments when necessary. Creating a budget maximizes your income while preventing unnecessary financial stress during transitions between assignments.

This doesn’t need to be complicated. Start by determining your total earnings and spending by week, month, and year; remember to include taxes, loan payments, and side hustles. Then, open an online banking account and schedule regular withdrawals like car payments.

To prioritize your spending, designate budget categories like housing, transportation, and entertainment. From there, you can work with different kinds of budget allocation models. One is the 50/30/20, which is basics/luxuries/savings. A reverse budget drops 10 to 20 percent of total earnings into a savings account before using the funds for other expenses.

Need more guidance? There are travel nurse apps for this! Three suggestions are YNAB (You Need A Budget) for budget management, Mint for tracking spending, and SoFi for stock trading.

Another component of managing your financing is designating an emergency fund.

Plan for the Unexpected With an Emergency Fund

Building an emergency fund is one of the most critical ways for travel nurses to protect their financial stability. With a fluctuating income and frequent moves, you must have a cushion to cover unexpected costs, like medical emergencies or unanticipated moving expenses.

Aim to save three to six months of living expenses to protect yourself from financial uncertainty. That safety net allows you to continue working confidently, knowing you can handle unexpected challenges without significant financial strain.

Explore Financial Aid for Education and Career Development

If you’re still in nursing school or considering additional certifications, many financial aid options are available to cover the costs of your education. Scholarships, grants, and low-interest loans can help reduce the monetary burden of nursing education; work-study programs are another option.

Some travel nurse agencies offer financial assistance programs to help you further your career. Review any available opportunities, as debt can be quite a burden.

Maximize Your Income and Minimize Expenses

Many travel nurses leverage tax deductions to maximize their salaries. You can claim business-related expenses like housing, transportation, and equipment on your taxes, potentially saving you a significant amount. A tax professional familiar with travel nursing taxes can help you take full advantage of these deductions.

In addition to tax savings, negotiating pay rates and housing stipends with your agency can help reduce your living expenses, allowing you to keep more of your income. Don’t accept an offer without due diligence; researching different contracts and understanding compensation packages can help you make the best financial decisions for your career.

Set Long-Term Financial Goals for Stability

Saving for retirement is an often overlooked aspect of travel nursing. Even though you may not have access to an employer-sponsored 401(k), you can still invest in an IRA or other investment vehicles.

Consider automating those contributions to consistently build wealth for the future, even as a traveling professional. Sticking to this routine early in your career will help you stay on track and create long-term stability.

Your Financial Independence is Within Reach

Managing your finances as a travel nurse can be part of your routine. You can prioritize financial stability throughout your career by setting up a flexible budget, building an emergency fund, exploring financial aid options, and choosing methods for maximizing your income.

Financial independence is within reach — sticking with these strategies will help you stay on track and thrive in the dynamic field of travel nursing.

By trustaff

August 7, 2024

1854 Views

5 Financial Planning Tips for Travel Nurses

Posted on August 7, 2024August 6, 2024 by trustaff

Trustaff provided this article.

For travel nurses, mastering financial planning is not just a good practice—it’s essential for maintaining stability and peace of mind amidst the dynamic and often unpredictable nature of their profession. Effective financial management ensures that you can focus on your assignments without the added stress of financial uncertainties. To help you navigate this crucial aspect of your career, here are five essential tips to help you manage your finances effectively.

5 Financial Planning Tips for Travel Nurses:

Create a Budget

Start by tracking your income and expenses. Understand your earning potential per assignment and outline your monthly expenses, including rent, utilities, groceries, and travel. Use budgeting apps to keep everything organized and visible.

Save for Taxes

As a travel nurse, your tax situation can be complex. Set aside a portion of your income for taxes to avoid any surprises. Consulting a tax professional who understands the nuances of travel nursing can be beneficial.

Build an Emergency Fund

An emergency fund is essential for unexpected expenses, such as medical emergencies or car repairs. Aim to save three to six months’ worth of living expenses to provide a financial cushion.

Plan for Retirement

Travel nursing offers unique opportunities to earn higher wages, but thinking about the future is essential. Contribute to a retirement account, such as a 401(k) or IRA. If your agency offers retirement benefits, make sure to take full advantage of them.

Manage Housing Costs

Housing can be one of the most significant expenses for travel nurses. Consider taking advantage of housing stipends or agency-provided housing. If you arrange your own housing, look for short-term rentals or shared accommodations to reduce costs.

Traveling With Trustaff

Trustaff understands the unique financial challenges travel nurses face. That’s why our ACT program provides tools and resources to help you with financial planning, ensuring you can focus on what you do best—providing excellent care.

By following these financial planning tips, you can make the most of your travel nursing career while securing your financial future.

We hope you found value in this article on 5 financial planning tips for travel nurses. Have you thought about your future? Have you started your financial plan? Do you have any financial planning tips you would like to share with your fellow travelers? Comment them below.

Find Your Next Travel Healthcare Assignment with Our Job Board!

Are you on the hunt for your next travel healthcare gig? Look no further than our job board! Click here to explore all our current opportunities. We have opportunities for all travel healthcare professionals.

Discover the Perfect Housing for Your Next Assignment

Need somewhere to stay on your next travel healthcare assignment? We’ve got you covered. Check out our housing page to find your ideal home away from home. Click here to start your search.

By RNnetwork

February 21, 2024

1945 Views

4 Ways Travel Nursing Can Help You Achieve Your Financial Goals More Quickly

Posted on February 21, 2024February 20, 2024 by RNnetwork

RNnetwork provided this article.

Many nurses say one of the primary reasons they start travel nursing is to achieve their financial goals faster than they could in a permanent position. One of the main reasons telemetry/PCU nurse Scott Carpenter started traveling with RNnetwork was because he had a lot of bills he wanted to pay off. “My salary pretty much doubled when I started travel nursing,” Carpenter says. Now, after hitting those financial goals, he’s working on putting money away for retirement.

But it’s not just about higher pay.

Here are four strategies that travel nurses have used to meet their financial goals more quickly.

1. Pick up extra shifts

When he started nursing, Kyle Chadwick, a trauma/ICU nurse, had a bachelor’s degree from the University of Kentucky Medical Center but still made only about $23 an hour. He says it wasn’t enough to support him, so after a year and a half in a staff position, he started travel nursing to boost his pay.

Chadwick’s advice to make even more money is to take on extra shifts — just like with a full-time permanent position — and then work back-to-back assignments.

“Just like you would as a staff nurse, add in an extra shift here and there and stack your assignments one after another without much time off between them,” he says.

2. Be open to a variety of assignments

Home health nurse Chloe Callicoat turned to travel nursing after 13 years in a permanent position because she wanted to travel and get paid to do it.

“The key to increasing income as a travel nurse is to be willing to fill in anywhere,” she says. For her, that means doing any kind of home health for any patient. Because of this, she says she has doubled her income.

“It’s a huge difference,” Callicoat says. “I make every week now what I used to make every two weeks.”

3. Consider RV living instead of renting

ICU nurse Gabriel Rios started travel nursing at the beginning of the pandemic and says the key to saving more money is to “play the system.” For instance, he says some travel nurses buy a small RV and camp out. “You’re not just throwing money away on a hotel or an apartment.”

This is a tip that most travel nurses don’t employ, but it might be an option that works for you. Other ways to pocket more money include taking an assignment where you have family and staying with them or working on an assignment where you can rent a room from a friend.

4. Take advantage of all possible reimbursements

In addition to the higher pay, a travel nurse’s total compensation can include non-taxable reimbursements for things like housing, meals, incidental expenses (per diems), and travel to and from assignments, depending on the assignment. These can all help you achieve your financial goals sooner and offer additional ways to save money.

“First, you have to sit down, do the numbers, and see if travel nursing is worth it,” Rios says. “Then you can work out different ways to increase your pay from there,” he says. “That’s how you save more money faster.”

RNnetwork can help you find your next travel nursing job. Call us at 800.866.0407 or view today’s travel nurse job openings.

We hope you enjoyed this article on strategies that travel nurses have used to meet their financial goals more quickly. Do you have any strategies for meeting your financial goals more quickly as a travel nurse? Comment them below.

Find Your Next Travel Nurse Assignment with Our Job Board!

Are you on the hunt for your next travel nurse gig? Look no further than our job board! Click here to explore all our current opportunities.

Discover the Perfect Housing for Your Next Assignment

Need somewhere to stay on your next travel nurse assignment? We’ve got you covered. Check out our housing page to find your ideal home away from home. Click here to start your search.

By Geraldine Mills

January 27, 2024

1871 Views

8 Smart Tips for Managing Debt and Retirement for Travel Nurses

Posted on January 27, 2024January 10, 2024 by Geraldine Mills

Since a travel nurse is moving around a lot for work, it can be challenging to deal with financial hurdles when you’re running around a lot. Once you find the time to settle down, it’s best to face your monetary issues head-on, such as your debts and retirement planning.

To help you, here are some actionable tips that can guide you on how to manage your debts and plan for your retirement financially as a travel nurse.

8 Smart Tips for Managing Debt for Travel Nurses:

1. Create a budget

If you want to know how to move your money around when managing your debt and retirement savings, then you need a clear idea of your movements.

Once you know where your money’s been going, you can figure out your budget and capacity to pay off your debt, boost your savings, and plan for retirement.

Many work expenses come with being a travel nurse that you need to consider. Since you’re moving around, the day-to-day costs can vary depending on your location. Checking your expenses when settling into a new place is always a good idea. You can then modify your budget in a way that makes sense for your lifestyle.

Some people opt to get a budgeting app so that it’s much easier to visualize where money is going to and from. If you have difficulty tracking that, you can also do the same.

2. Utilize a 401k plan

Many employers provide 401k plans as benefits, even for travel nurses, so if you’re working with a travel nursing company, it’s a good idea to check that they offer that benefit for you, too.

Having a 401k plan isn’t just enough. You should also ensure that you look at the terms of the plan.

First, you should identify what the matching arrangements are. Specifically, it would help if you were looking into what amount your company will put into your 401k plan and how much it depends on how much you put in yourself.

Aside from that, you should also check how long you have to stay with your employer to keep your employer’s money put into the plan. As a travel nurse, you may have to change employers at some point, so you want to ensure that you cover all of your bases in terms of your 401k before you decide to switch employers.

Once you’re more informed of how your 401k works, you can better determine how much you can contribute to it regularly and understand your retirement fund.

3. Focus on paying off debt.

Before you start working on further investments, dealing with your debt head-on is a good idea. You should always be working on paying off your debts if you have any.

People have different approaches to paying off debt, especially if you have multiple debts you have to pay. Some people prefer paying off their lightest debt, while others want their full attention on their heaviest debt.

If you don’t know what approach is best, consider debt consultation services to create a solid financial debt plan you can rely on.

You can check out money max account reviews to let you know what previous customers have had to say about the debt consultation so you can decide whether their service is for you.

Having a plan in place will help ensure that as you pay off the debt, it doesn’t leave you financially vulnerable during the day-to-day.

4. Consider opening an IRA account.

If your employer currently does not provide a 401k for you, then your other choice would be to open an IRA account.

An IRA account is short for an Individual Retirement Account, a savings plan you make for retirement. You can get the usual IRA or a Roth IRA, but the most popular choice for many is a Roth IRA.

A Roth IRA is more popular because the money you put into the fund would already be taxed. That way, when you withdraw the money from your account during retirement, your withdrawals won’t be taxed. Your money also grows in your account tax-free.

One thing to note, though, is that you’re only allowed to get a Roth IRA if your modified adjusted gross income is under a specific amount. If it goes over, then you may not be eligible. Aside from that, there are penalties you want to avoid so you don’t get unnecessary fees to pay.

5. Plan for health care costs

As you age, you’ll spend much of your money on healthcare costs. That’s why you should ensure that you plan for healthcare costs and accommodate that within your retirement funds.

If you’re eligible for health insurance options, apply and enroll immediately. That way, you have some cushioning in case you ever need serious healthcare attention. If you’re eligible, it would benefit many people to apply for Medicare as soon as possible. It would help if you looked for other plans to cover the gaps that Medicare might not complete.

Informing and getting deep into the health insurance jargon to understand the terms you’re accepting is crucial to ensuring you commit to the right plan.

6. Understanding tax benefits and deductions.

Since you often have a lot of travel expenses as a part of your work, it’s a good idea to see where you can reduce these costs as much as possible. One avenue where you can reduce your expenses for your work is by checking out which tax benefits and deductions apply to you.

Ensuring you know what tax deductions and benefits you have available would make you more aware of your financial capacities. You can hire a tax professional to help tell you precisely what you should be doing next and what tax deductions you are eligible for.

Even without consulting a tax professional, keeping some of the expenses and receipts you incurred from your work would be beneficial. It would be best if you also looked into the tax laws in the specific states you work in and your home state to help inform your tax benefits.

7. Build up your savings account.

Your retirement funds should be separate from your savings account. That’s because you need your savings account to supplement your short-term and long-term lifestyle, while your retirement account ensures a financially stable retirement.

With that in mind, your expenses should accommodate your savings account, emergency fund, retirement funds, and debt payments. You can then consider future investments if you have extra money to devote to things other than your leisure or wants.

8. Consider other sources of retirement income.

If you find that you have some free time available as a travel nurse that isn’t just for your hobbies or personal time with your loved ones, you should consider using that time to find other sources of income.

You should diversify your income streams as much as possible if you’re not just relying on your work as a travel nurse to give you that income.

Some investments, a side business or even a rental property, can be significant income sources if you can set them up.

Conclusion

All these tips for managing debt for travel nurses should help you while also ensuring you set aside money for your retirement funds. That way, once you retire from your travel nurse job and choose to settle down, you won’t feel burdened by debts you didn’t pay off, and your retirement funds will end up going to your debt payments.

Have you found ways to manage your debt? Do you have tips for managing debt for travel nurses? Comment them below.

Interested in a travel nursing job? Our job board is a great place to search for assignments, and if housing is an issue, our housing page can help. It’s time to make a difference!

If you are a new travel nurse or looking into becoming a travel nurse:

START HERE

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

By Lirika Hart

December 11, 2022

1986 Views

Why Travel Nurses Should Consider Digital Financial Services

Posted on December 11, 2022February 3, 2023 by Lirika Hart

Thanks to digital financial services, people now have a new way to conduct work using sophisticated technologies such as computers, tablets, and smartphones. People should use these services and benefit from them.

Digital financial services are very beneficial for traveling nurses since they simplify and secure the financial process.

But what are digital financial services?

Digital finance is the provision of traditional financial services digitally through various digital channels. Payments, loans, savings, insurance, and transfers can be made via computers, tablets, smartphones, ATMs, and POS terminals.

The benefits of using these services are many, and some of those are listed below:

Access to formal financial services
Reaching a wider range of customers
Lower costs for businesses and customers
Increases financial inclusion
Access to formal financial services
Increasing the efficiency of delivery
Improving the quality of service
Impact on revenue growth
Reducing the risk of financial crime

Digital Financial services are made up of three components, all of which are very important and play a major role in the process:

Digital transaction platforms
Devices
Retail agents

Nurse traveling and why they should use digital financial services

We explained that using digital financial services is very beneficial to travel nurses, but let’s explain why:

When nurses decide to move to another location to advance their careers and pursue their dream job, they face several challenges at the outset, including heavier workloads, more frequent relocation, cultural differences, tax housing, mixed rates, and other challenges of travel nurses that arise over time. And for a short period, it will be very difficult for them to overcome these challenges, and sometimes they might feel overwhelmed.

If they take their time, work hard, are willing to learn, ask questions and approach things with more composure, they can adapt and overcome these challenges.

One of the steps they should take is to use digital financial services that will make their lives easier in general. They will help by having a smart device to manage their money to understand assignment agreements, tax implications, and other things of that nature.

Easier to manage their money

Digital services allow nurses to know about their finances digitally and use them easily without physically taking them with them. Good financial management should be a priority for every nurse, especially traveling nurses.

A better understanding of financial information

A traveling nurse should be careful to find the best bank for tax information and other financial information. To make things easier at the beginning, she can work with a company that helps her with tax information, offers different resources and services to help nurses with financial issues, or can advise her to find the best bank to open her account because they will have regular transactions in the place where they will work. If the nurses travel to different places, they can be advised by these companies to find the best bank in Australia, Europe, the US, and other places.

Finish works even if they are in a hurry.

Since travel nurses are always in a hurry and don’t have much time, they can manage their financial affairs through their smartphones by using these technologies, i.e., cell phone banking, automatic credit extensions, and digital micro recharge loans. They will reduce the cost, speed up the processing time of loans or fulfill other needs due to the lack of free time.

They will find solutions without going into the financial objects

Through digital services, nurses can find solutions to their problems or tasks, even if they do not go to financial institutions. They can finish through the bank agents for a short time and without transportation costs.

Conclusion

Travel nurses face various things during their travels, and they need to learn how to deal with all these challenges. They should be able to learn, question, and progress during the adjustment periods. Among other things, they should learn how to use and benefit from digital financial services because the benefits of these services are many. From saving time to reducing costs, financial risk, and other benefits. Nurses also should consider working with a professional company that will be very effective with a lot of professionalism.

Our job board is a great place to search for your next travel nurse assignment. We have you covered with our housing page if housing is an issue. You can search for what you are looking for.

By Nadine Westwood

October 13, 2022

3197 Views

6 Useful Apps for Managing Your Finances When You’re Working as a Travel Nurse

Posted on October 13, 2022October 5, 2022 by Nadine Westwood

The life of a nurse is busy enough without also having to worry about keeping your finances in order when you’ve got little time to spare each day.

Luckily there are lots of excellent apps out there which make it straightforward to stay on top of all things money-related, so let’s look at the best of the bunch and explain why they’re worth using.

Mint: Comprehensive budget tracking

This is one of the most celebrated and widely recommended budgeting apps on the market and for good reason.

First up, Mint is free to download and use, so as long as you can put up with the in-app ads, it won’t cost you a penny.

Next, there’s the intelligent way that it tracks spending and breaks down your outgoings according to their categories. So if you’re trying to manage your budget while on the move, it will give you a snapshot of where you’re up to in an instant.

Last, there’s the simplicity of the interface, which belies the comprehensive suite of functions that are on offer. Simply put, there’s no better free budgeting app out there than Mint.

SoFi: All-in-one stock trading

More and more people are getting into the stock market at the moment, and the convenience of apps like SoFi, which lets you trade stocks online, is a big reason for this.

The market moves quickly, so you’ll want an app that lets you keep tabs on your portfolio and invest in a diverse array of products, including ETFs and even cryptocurrencies. That’s exactly what SoFi offers, and in addition to assisting with trading from your smartphone, it also makes filing tax returns easier each year when you need to report your gains to the IRS.

The app is award-winningly intuitive, and there are often incentives to encourage new customers to sign up, which will sweeten the deal further. So whatever your investment goals, SoFi is the app to use to reach them.

Venmo: Mobile payments

There are plenty of mobile payment platforms that let you send and receive money swiftly, and Venmo is arguably the top contender out there at the moment.

It functions like a digital wallet, meaning you can harness it for everything from splitting the bill at a restaurant with friends to sending gifts to family members.

Many businesses support Venmo as well, so paying for goods and services when you’re on the go is child’s play. Better yet, if you decide to set up a side hustle to supplement your income, you can use Venmo to accept payments as well.

Credit Karma: Free credit score & reporting

Even if you think you’re pretty good at managing your money, you won’t know where you stand unless you check your credit score regularly.

While some brands charge a fee if you want to access your full credit report, Credit Karma is free of charge.

It not only tells you your score out of 710 points, with weekly updates provided so you can monitor your progress over time but also pinpoints the factors that are influencing your score. That way, you can make changes that will boost your score in the future, and you’ll also know if there’s some issue or error that’s holding you back and needs to be rectified.

You can link bank accounts, track your mortgage, review credit cards, and even get suggestions for offers that will save you money on particular finance products, all within the Credit Karma app, so it really is convenient.

YNAB: Premium budget management

Mint may be free, but there are also premium products out there that target the same market and go above and beyond to justify the monthly fees they charge.

You Need A Budget, or YNAB for short, is one of the most feature-rich platforms out there and has some interesting aims underpinning its design.

For one, it wants to empower users by showing them where their money is going and encouraging them to make changes which will ensure every dollar counts for something.

It boasts that a typical user can expect to slash $6,000 off their spending in the first year of use, which justifies the almost $100 cost of an annual subscription.

Personal Capital: High-end wealth management

If your main issue is that you’ve got quite a bit of cash to put to work, and you don’t know how to go about this, Personal Capital has got you covered.

Wealth management is the name of the game here, and while the fees are fairly steep, the access to finance experts it affords you is perhaps the most saleable aspect of the app.

As you can see, it pays to match the finance apps you use to your needs, so don’t go all-in on installing every recommended app, but only choose the ones that make sense for your circumstances.

Our job board is a great place to search for your next travel nurse assignment. We have you covered with our housing page if housing is an issue. You can search for what you are looking for.

If you are a new travel nurse or looking into becoming a travel nurse:

START HERE

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

By The Gypsy Nurse

July 17, 2022

3240 Views

3 Steps to Avoid Debt When Travel Nursing

Posted on July 17, 2022July 18, 2022 by The Gypsy Nurse

When it comes to a career in travel nursing, one of the best ways to find success in the field is to become comfortable in uncomfortable situations. Over your career, you will travel between assignments and locations and will always be working with new people. Successful travel nurses are flexible, confident, and can adapt to anything thrown their way. While these traits are important to the job, there are other factors to consider when travel nursing.

Thinking outside of the mental and physical tolls of the job, what are some other hurdles associated with travel nursing? In this time of steadily rising costs and inflation, finances should be right at the top of the list. Whether you’re an individual considering a job in the industry, or if you are a current travel nurse who’s looking to improve their financial standing, here are 3 useful tips any travel nurse can use to avoid falling into debt when on the road.

Fully Understand Your Financial Situation

Seeing as travel nurses are expected to move locations every few months or even every few weeks, you’ll find that financial literacy can be your best friend. Without a firm handle on your finances, expenses for things like travel, transportation, housing, and food can easily get out of hand. You don’t want to get to a situation where you are away from home and find yourself struggling just to get by. By diving headfirst into learning about your finances, you can gain control over your current and future financial standing. A good first step to gaining a better understanding of your financial situation is to calculate both your net worth as well as your debt-to-income ratio.

First, let’s take a look at what net worth means and why it matters. A person’s net worth is calculated by adding the value of assets they own subtracted from the value of liabilities against them. Some common assets to include are cash reserves, home equity, investments, and liabilities include student debt, credit cards, and a mortgage. The first time you calculate your net worth will most likely be overwhelming. It can be hard to remember every little asset or liability you have accrued. Using something like a personal net worth calculator can help facilitate the process to ensure you don’t leave anything out of your calculations.

Your net worth calculation will give you a snapshot of how your past has impacted your financial situation. Calculating your debt-to-income ratio will help you understand what your current financial situation is looking like. To calculate your debt-to-income ratio, all you need to do is take your total amount of debt payments made each month and subtract that amount from your monthly income. Most people aim to have a debt-to-income ratio of 30% or lower. This means that if you took home $5,000 in a month that your monthly debt payments should be $1,500 or lower. Again, if you need assistance with calculating your ratio, there are debt-to-income calculators available for free to help you along the way.

After you have a full view of your past and current financial situation, you can now start thinking about the future. As you start to think about your next travel nursing assignment, consider how much you can realistically spend in one month. You should be using your net worth and debt-to-income ratio to help guide you here. As mentioned, you want to keep this ratio below 30%, which makes the 50/30/20 method of budgeting a great option to try. This strategy separates your monthly after-tax expenses into three categories: 50% towards necessities (housing, food, transportation), 30% towards wants (shopping, social activities, travel, dining out), and the remaining 20% towards savings or paying off debts. In the context of travel nursing, utilizing a method of budgeting such as this one can be extremely beneficial for navigating price fluctuations between assignments and building out your savings.

Think Proactively About Where You Choose to Live

Although some travel nursing assignments offer living accommodations, some do not, and finding temporary housing can be difficult, costly, and can bring on unwanted stress. This is where being proactive can be hugely beneficial. As opposed to lengthy hotel stays or crashing with friends or family, there are several options available to find short-term living accommodations without breaking the bank.

First off, subletting is a great option in temporary situations and can allow for the flexibility you need when changing travel nursing assignments. Sublets come in all shapes and sizes, whether you need the whole place to yourself or if you’re okay with renting a room and sharing your space with others for the short while you’re on assignment. Depending on your desired location and proximity to work, subletting allows you to find affordable housing without having to make long-term commitments. A good place to look for sublets is either within a local Facebook community or housing page.

Rental intermediaries such as VRBO offer alternative solutions for short-term housing but can come at higher costs with additional fees included. A way to circumvent this is to reach out to the property manager, explain your situation and ask if they might be willing to offer a discount for stays longer than a typical weekend or vacation rental. While this is completely subjective to the manager, if they are open to working with you and providing a discounted rate, you may be able to find a stable home at a fraction of the price in comparison to booking hotel stays or subletting.

Given the long hours and stress, you’ll likely encounter during your assignment, finding a comfortable space to come home to and decompress is crucial to being successful in the role and ensuring the stability of your physical and mental health. Since housing will be your biggest expense during your time, you might as well plan as best as possible and work towards saving yourself the funds and reducing the stress that comes with the housing search process.

Don’t Be Afraid of Outside Help

Now that you’ve completed the first two steps in creating a budget and finding adequate housing accommodations, you must remain cognizant of your finances and be smart about how you choose to pay for everything. Far too often, people think they need to handle this all on their own, but leaning on outside help can both lower stress levels as well as improve your financial standing. Outside help can mean a lot of different things. Most often, outside help either will come in the form of an outside financial product or leaning on family and friends.

If you become friends with some of your travel nursing peers, looking for housing together can be a resourceful option for reducing your living costs and allocating more money to your savings budget each month. Finding short-term housing with another person allows for twice the reach in your search and provides you with some company at home, rather than living all by yourself or with strangers.

Another option that could provide more flexibility is applying for a personal loan to use for expenses and purchases while on assignment. This option provides you with the necessary funds to use for your needs upfront as opposed to dealing with the credit limits of cards. Loans are the best for longer-term stays as you will make payments in monthly installments that come with lower rates than credit cards and allow for less of a hassle when it comes time to pay your bills.

If you are thinking about applying for a loan:

Make sure that you are only making purchases that are necessary to your living situation. Things like furniture, utilities, or breaking an old lease are what outside financial products should be used for, not a new wardrobe or other impulse buys. And remember, no matter what method you choose, all that matters is that it’s the best for your situation and provides you with the least vulnerability to debt.

A career in travel nursing is both an exciting and fulfilling experience vital to our communities’ health and prosperity. Whether you’re new to the job or a seasoned veteran, planning for a new assignment can prove to be stressful in more ways than one, but with the right attitude and proper financial planning, you can reduce your anxiety and focus better on the job. At hand: saving lives!

Our job board is a great place to search for your next travel nurse assignment. We have you covered with our housing page if housing is an issue. You can search for what you are looking for.

If you are a new travel nurse or looking into becoming a travel nurse:

START HERE

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

By Marichelle Jamelo

July 12, 2022

2548 Views

Retirement Savings to Consider For Travel Nurses

Posted on July 12, 2022December 27, 2023 by Marichelle Jamelo

401(k) PLANS AND IRAs IN 2022

Unless you’re fortunate to have parents or mentors to teach you how to retire financially independent early on, you’re like the rest of us who learned later in life. It isn’t until we land a nursing job that we discover there are different retirement vehicles, such as employer-sponsored 401(k) plans and IRAs, also known as Individual Retirement Accounts.

The truth is that nurses are experts in medicine, not finances, and it’s ok if you’re hearing the terms 401(k) or IRA for the first time. This article will cover the basics to be better prepared when talking with a financial representative or advisor. And no matter where you are in life, it’s never too soon or too late to start planning for retirement!

WHAT IS A 401K PLAN?

According to Investopedia, a 401(k) plan is a retirement savings or investment vehicle offered throughout the US. It is one of the most recognized retirement plans because many American employers provide it to their employees.

A percentage of your pre-taxed paycheck will go directly into this retirement account. As an incentive, an employer may match a portion of your contribution. A 401(k) contains investments such as stocks, bonds, and mutual funds that help your money grow. You can choose how you want your money invested. You can also consult with your 401(k) plan company representative.

REQUIREMENTS

Start date

Your employer will specify when you can join the plan. For example, you may be able to participate on the first day of the calendar year following the completion of the required year of service.

Years of service

Most plans require 1 to 2 years of service before participating in a 401(k) plan. Some employers determine your eligibility using hours served. Check with your employer’s HR department for details.

Ownership

You may be required to put in one year of service with your employer to be considered 100 % vested. What this means is that what you contribute with your own money is yours, but vesting applies only to the portion of your retirement contributions that your employer matches.

BENEFITS OF A 401(k)

You control your money

You have the flexibility to increase or decrease your contributions at any time. You also can be as aggressive or as conservative as you want.

Employer matching

Your employer may offer to match a percentage or all of your contributions. What your employer matches is essentially free money.

The contribution limit in 2022 for nurses under the age of 50

According to CNBC, the maximum amount you can contribute in one year is $20,500, which is $1000 more than in 2021.

A higher catch-up contribution in 2022 for nurses ages 50 and over

Nurses over age 50 are eligible for catch-up contributions into their 401k. You can contribute additional money up to $6,500 above the $20,500 yearly limit.

Tax advantages

You contribute with pre-taxed dollars, which lowers your taxable income. This means that you may pay less in taxes at the end of the year. Your money also grows tax-deferred, and you don’t pay taxes on it until you retire.

Easy payroll deductions

Having your money automatically deducted from your paycheck makes saving effortless. It’s like how the saying goes, “out of sight, out of mind.”

Portability

The money you contribute to and earn in your 401k is yours and can go wherever you go. For example, if you switch jobs, you can roll it over to your new employer’s 401k plan, roll it over to another tax-deferred retirement plan, or do nothing and leave it with your old employer. You choose! Be sure to check with a financial advisor to see what would be the best option for you.

A 401(k) is a great option to start investing in if you haven’t already. But what if the travel agency you work for doesn’t offer a 401(k) plan? The good news is that a 401(k) plan is not the only option. Another option is an Individual Retirement Account, or IRA can be an option.

WHAT IS AN IRA?

An IRA is a type of retirement savings account that has tax advantages. You can open an account on your own at almost any financial institution, such as a bank, investment company, or brokerage firm. There are two main types of IRAs a Roth IRA and a Traditional IRA.

ROTH IRA REQUIREMENTS AND BENEFITS

Eligibility

You can contribute to a Roth IRA if your income is below a certain level. More specifically, your modified adjusted gross income and you’re filing status will determine if you are eligible. You can check the IRS website for more information. Please consult a financial representative or advisor for more information about your eligibility.

Ownership

Your Roth IRA is yours. You have the flexibility to increase or decrease your contributions at any time up to the maximum contribution limit per year. You also can be as aggressive or conservative as you want.

Contributions

You make contributions with after-tax money. In other words, you use money from your paycheck to fund your Roth IRA. Therefore, there is no immediate tax benefit for contributing.

The contribution limit in 2022 for nurses under age 50

The contribution limit is $6,000 a year if you’re under age 50. Contribution limits typically change every 1 to 2 years.

The contribution limit in 2022 for nurses ages 50 and over

If you’re age 50 and older, you can contribute up to $7,000 a year. Contribution limits typically change every 1 to 2 years.

Taxes

Contributions into a Roth IRA are not tax-deductible.

Withdrawals

A required minimum distribution (RMD) states that you must start to withdraw from your retirement account each year at a certain age. However, there are no required withdrawals until after the owner’s death.
If you’re 59 ½ or older and the account is at least five years old, you can withdraw your money tax-free and penalty-free. Other qualified distributions can be tax-free as well. Please consult with a financial representative or advisor for more information on what is considered a qualified distribution.
Early withdrawals before 59 ½ are taxed as ordinary income, and there is a 10% penalty by the IRS. There are certain instances you can withdraw without being penalized. Consult with a financial representative or advisor for more information.

Growth is tax-free

Your money grows tax-free. Roth IRAs continue to grow through compounding even during the years you can’t contribute.

TRADITIONAL IRA REQUIREMENTS AND BENEFITS

Eligibility

Anyone with earned income can contribute to a Traditional IRA but with income restrictions that differ from a Roth IRA. Please consult a financial representative or advisor for more information about your eligibility.

Ownership

Your Traditional IRA is yours. You have the flexibility to increase or decrease your contributions at any time up to the maximum contribution limit per year. You also can be as aggressive or as conservative as you want.

Contributions

There are some ways you can fund a Traditional IRA.

You can contribute after-tax dollars, but you have to inform the IRS that you’ve already paid tax on those dollars. Please consult with your tax preparer or tax lawyer for more information.
You can roll over other retirement plans, such as a previous employer’s 401(k) plan.

Contribution limits in 2022 for nurses under age 50

The contribution limit is $6,000 a year if you’re under age 50. Contribution limits typically change every 1 to 2 years.

Contribution limits in 2022 for nurses ages 50 and over

You can contribute up to $7,000 a year. Contribution limits typically change every 1 to 2 years.

Taxes

Contributions to a Traditional IRA can be tax-deductible. The IRS website explains when you’re allowed to claim your contributions as a deduction on your taxes. Please consult with your tax preparer or tax lawyer for more information.

Withdrawals

A required minimum distribution (RMD) for a Traditional IRA starts at age 72. Therefore, you must begin withdrawing from your Traditional IRA at age 72. There is a penalty for withdrawing after age 72.
You can withdraw at age 59 ½ or older without restrictions or penalties. The IRS will treat your withdrawals as ordinary income, and it will be taxed.
Early withdrawals before 59 ½are subject to taxes and a 10% penalty. There are certain instances you can withdraw without being penalized. Consult with a financial representative or advisor for more information.

Growth is tax-deferred

Your money will grow tax-deferred. Any earnings you receive on your investment can produce gains of their own, and this type of cycle repeats itself having the potential to make more money. You don’t pay taxes on the growth until you withdraw money in retirement.

The goal is to empower you with some basic information about 401(k)s and IRAs. The good news? You don’t have to be an expert. That’s what financial advisors are for! So remember, no matter where you’re at in your traveling nursing career, you’re in the driver’s seat.

We hope you found these tips for retirement savings for travel nurses helpful.

By Kevin Devoto

April 23, 2022

2562 Views

How Travel Nursing Brings Financial Stability

Posted on April 23, 2022April 22, 2022 by Kevin Devoto

Financial stability two words every adult loves to hear. It’s hard out there in the working world. Every day you show up to your job, trying to earn a living and hopefully still be able to set money aside for yourself for the future. For some jobs, that’s easier to do than others. Some give you that opportunity, while other jobs make it seem impossible. Travel nursing gives you the former. Whether you’re just starting to figure out your future career plans or looking to do a complete career switch, read below to see how being a travel nurse can bring you your own financial stability.

Income vs. Expenses

There are several factors that go into becoming financially stable, but, in a nutshell, having financial stability means the income you are earning is greater than your expenses and any money going out. Now, of course, earning this amount of income may happen for some weeks or months, but it needs to happen for a steady amount of time in order to have freedom with your finances. Travel nursing does just that. In general, no matter where you decide to travel for work, the pay will be much better for you than simply working and living in one set location. Better pay means a better opportunity for you to pay off any debts you may have. Perhaps you took on student loans to help attain your nursing degree. The sooner you pay both of those off, the sooner you put that money into your savings. Maybe you want a nice little nest egg, or maybe you want to start investing in stocks or rental properties. Whatever you decide to do, that extra income will open a world of possibilities toward increasing your financial stability.

On top of your income being higher than a non-travel nurse’s, your expenses are also less. Now, you may be asking, how is that possible? Well, with some companies, those travel expenses are paid for. Normally it would cost quite a lot for gas or plane tickets or a new apartment every few months, but because companies want and need travel nurses, sometimes those expenses are covered. Some companies even offer a daily budget to pay for food.

Once you add all of that up, it’s easy to see how most of your big expenses would be cut in half or disappear entirely. So, all in all, your expenses would go down while your income is going up. These are the exact things you need in your life to set you up for solid financial stability.

Benefits Are Good

Another thing I want to touch on are the benefits for travel nurses. You don’t have to work hundred-plus-hour weeks or not have a life in order for financial stability to happen. Travel nurses are given many benefits for doing what they do. Health insurance is generally provided. You are in the healthcare field, after all, and while you can shop for your own health insurance if you like, the hiring company usually provides their own insurance option. A 401k and bonuses are included as part of being a travel nurse, with some employers even matching up to a certain amount of your 401k. Time off, as well as an all-around flexible schedule, are also part of the benefits of the job. There are no boring nine to five schedule options you have to suffer through.

Final Thoughts

No matter who you are or what your background is, we all want financial stability. Travel nursing gives a lot of opportunities for that where, unfortunately, not a lot of other jobs do. It is a very rewarding and beneficial option for those looking to feel more stable with their money.

Are you looking for your next travel nurse assignment? Click here to view our job board. Do you need housing for an upcoming assignment? Click here to search our housing page.

If you are a new travel nurse or looking into becoming a travel nurse:

START HERE

Essential Financial Tips for Travel Nurses:

Build a Solid Budget To Manage Your Finances

Plan for the Unexpected With an Emergency Fund

Explore Financial Aid for Education and Career Development

Maximize Your Income and Minimize Expenses

Set Long-Term Financial Goals for Stability

Your Financial Independence is Within Reach

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5 Financial Planning Tips for Travel Nurses:

Create a Budget

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Here are four strategies that travel nurses have used to meet their financial goals more quickly.

1. Pick up extra shifts

2. Be open to a variety of assignments

3. Consider RV living instead of renting

4. Take advantage of all possible reimbursements

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8 Smart Tips for Managing Debt for Travel Nurses:

1. Create a budget

2. Utilize a 401k plan

3. Focus on paying off debt.

4. Consider opening an IRA account.

5. Plan for health care costs

6. Understanding tax benefits and deductions.

7. Build up your savings account.

8. Consider other sources of retirement income.

Conclusion

If you are a new travel nurse or looking into becoming a travel nurse:

Travel Nurse Guide: Step-by-Step (now offered in a PDF Downloadable version!)

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But what are digital financial services?

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Easier to manage their money

A better understanding of financial information

Finish works even if they are in a hurry.

They will find solutions without going into the financial objects

Conclusion

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